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    Ministers of Investment, ICT Agree to Launch ‘Fekretak Sherketak’ Initiative at Technology Innovation Hubs in Universities

    Cairo, 7 January 2019

    The Minister of Investment and International Cooperation Sahar Nasr and the ICT Minister Amr Talaat have agreed, during their meeting at the headquarters of the Ministry of Investment, to launch Fekretak Sherketak Initiative at the technology innovation hubs established in universities, to reach out to more young people. The meeting was held within the framework of following up on the protocol signed between the two ministries in August 2018, aiming at creating a supportive environment for entrepreneurship, developing innovative youth capabilities, attracting global investments in ICTs and stimulating investment in startups.

    Nasr said that Fekretak Sherketak (your idea is your enterprise) Initiative provides training guidance and mentorship services in the areas of entrepreneurship, to develop young people's ideas, thus these ideas can be implemented. In addition, the Initiative provides legal awareness sessions of the procedures of establishing companies, and disseminates the culture of entrepreneurship among university students.

    On his part, Talaat said that the first phase of the initiative which aims to establish technological innovation hubs in Egyptian universities entails the implementation of eight hubs in regional universities, including establishing technological laboratories specialized in developing software and integrated systems and electronics designing, technology business incubators, co-working spaces for startups and halls for specialized training in different areas.

    The meeting discussed the cooperation activities, between the two ministries, which were implemented within the framework of Fekretak Sherketak Initiative, with the aim of building a full value chain covering all phases of the development and growth cycle of startups through integrating roles and maximizing the use of programs and initiatives implemented by the two ministries for supporting entrepreneurship. A number of two companies supported by Falak Startups, a business accelerator affiliated to the Initiative, were nominated to participate in CES 2019, one of the most famous technological exhibitions in the world, with the support of a civil society organization and the Information Technology Industry Development Agency (ITIDA). In addition, the Technology Innovation and Entrepreneurship Center (TIEC) incubated a company supported by Fekretak Sherketak Initiative and two other companies were incubated by Falak Startups, after graduating from TIEC Entrepreneurship Accelerator Program (TEA).

    This is in addition to a number of joint workshops organized by the two ministries’ entities concerned with supporting entrepreneurship.

    Nasr stated that the Ministry of Investment is cooperating with international financial institutions to support the Initiative, pointing out that support is being provided to the integrated system of entrepreneurs, which is one of the priorities of the political leadership at this stage.

    The Minister of Investment referred to the significance of increasing the number of startups participating in the Initiative, and completing the joint promotional campaigns of the initiative nationwide through Fekretak Sherketak bus, sponsored and supported by the two ministries.

    The ICT Minister highlighted the Ministry's interest in supporting technological innovation and entrepreneurship among young people. He pointed out that work is under way to implement ambitious plans that target using post offices as outlets to provide lending services to entrepreneurs, in coordination with banks, thus strengthening government efforts to achieve financial inclusion and support small enterprises.

    In another context, the two sides agreed to promote joint cooperation between the two ministries to develop investment zones, and automate the Investor Service Center and its branches in the governorates and investment and free zones.

    Following this meeting, the two Ministers met with France's Ambassador to Egypt Stephane Roumtier. The meeting discussed means of boosting joint investment cooperation between Egypt and France in the coming period through increasing investments and expanding business of French companies in Egypt, in light of the Egyptian government's keenness to create an investment-stimulating environment. The meeting also discussed investment opportunities available in the ICT sector.

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